The Canadian Dollar is broadly higher on Thursday, extending a rebound that started midweek. The Canadian Dollar is up around a third of a percent against the US Dollar, and climbed four-tenths of a percent against the Japanese Yen (JPY).
USD/CAD was dragged lower on the day, falling back below the 200-hour Exponential Moving Average (EMA) at 1.3708, and is approaching a near-term supply zone between 1.3660 and 1.3610. This week’s bullish swing fumbled from 1.3760, and swing highs are having a difficult time establishing footholds.
Daily candlesticks continue to trade north of 1.3650 as the pair finds support from the 50-day EMA at 1.3636. Despite a near-term bearish tilt pulling the pair down from the last swing high into 1.3850, the pair is still up on the year, trading up 3.3% from 2024’s opening bids of 1.3246.
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